Celsius Network, a CeFi platform, which revealed was trading whilst insolvent for a number of months has filed for chapter 11 bankruptcy. They have something like a ~1.5B USD hole in the books.
Chapter 11 is where they try to reorganise through the courts to emerge and carry on.
Trust has completely been erased from its user base as you can see viewing its subreddit. Celsius beating the odds to emerge from chapter 11 and being able to obtain new users to me seems low in probability.
So the expectation would be for it's native CEL token to see a continued downward price movement as the holders of it, ones not locked due to the court case, sell off to a very limited amount of buyer enthusiasm.
From the price charts, it's not the case however.
https://www.coingecko.com/en/coins/celsius-network-token
Volume is low but not in an abnormal range, it still sits within the ~100 ranking of marketcap. All in all compared to most alts within the bear market it has maintained something of a value given its situation.
Seems unusual, thoughts?
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